| Wed 4 Nov 2009, 12:34 | | JDG - JD Group Limited - Trading Statement |
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JDG
JDG
JDG - JD Group Limited - Trading Statement
JD Group Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1981/009108/06)
ISIN: ZAE000030771
JSE Code: JDG
("the Group")
TRADING STATEMENT
In accordance with paragraph 3.4(b) of the Listings Requirements of the JSE
Limited, a company is required to publish a trading statement as soon as it
becomes aware, with a reasonable degree of certainty, that the financial results
for the next period to be reported on are likely to vary by more than 20% from
the previous corresponding period.
The board of directors wish to advise shareholders that the operating profit
before restructuring expenses, debtors costs, net finance costs and taxation for
the twelve months ended 31 August 2009 is expected to be between 7% and 12%
higher than reported for the previous corresponding period.
As indicated at the interim reporting period, the business continues to suffer
from the effects of an over indebted customer base. As a result, debtors costs
are expected to be between 20% and 25% higher than reported for the previous
corresponding period. Furthermore, the Interim Results relating to the six
months ended 28 February 2009 published on 11 May 2009 included the effects of
the Group resolving its outstanding contingent taxation liabilities of R338
million ("tax settlement") and that the Group had incurred once-off
restructuring expenses of R84 million ("restructuring expenses"). The Group
incurred a further R14m once-off restructuring expenses in the second six months
to 31 August 2009.
Accordingly, shareholders are hereby advised that the earnings and headline
earnings per share for the twelve months ended 31 August 2009 have been
adversely affected by the tax settlement, the restructuring expenses in addition
to the increased debtors costs and are as a result, expected to be between 80%
and 90% lower than those reported for the previous corresponding period.
Should the effect of the tax settlement and the restructuring expenses amounting
to R409m be disregarded, the earnings and headline earnings per share for the
full year are expected to be between 0% and 5% lower than those reported for the
previous corresponding period.
Shareholders are advised that the forecast financial information contained in
this Trading Statement has neither been reviewed nor reported on by the Group`s
external auditors.
The Group`s results for the twelve months ended 31 August 2009 will be released
on SENS on or about Monday, 16 November 2009.
4 November 2009
Johannesburg
SPONSOR
PSG Capital (Proprietary) Limited
Date: 04/11/2009 12:34:01 Produced by the JSE SENS Department.
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